"It will be listed soon"... Misleading 100 won to 167 won, currently 4 won 'plummet'

[Financial News] A man in his 60s who deceived people into investing in coins to make money and embezzled funds has been sentenced to prison.
According to the legal community on the 3rd, the Seoul Northern District Court Criminal Division 8 (Judge Bang Hyemi) sentenced Mr. A (61), who was indicted on fraud charges, to 8 months in prison on the 9th of last month. He was also ordered to pay 41.8 million won to the compensation applicant.
Mr. A was brought to trial on charges of persuading victim Mr. B to invest in C Coin from January 2021, claiming it would make money, and embezzling a total of 41.8 million won over 12 transactions as purchase funds.
At the time, he falsely claimed that C Coin had the potential to be listed and misled the coin price set at 100 won per unit to 167 won per unit.
It was known that Mr. A planned to pocket the difference as a sales commission and use most of the remaining money at his discretion. He had neither the intention nor the ability to purchase the coins or guarantee the principal and pay profits as promised.
According to the prosecution, C Coin was listed on an overseas exchange on March 1, 2022, but the price did not stabilize after listing and continued to decline from February 22, 2023. It is currently understood that the price of the coin is only 4 won.
The court stated, "The amount embezzled by the defendant from the victim is not small," and "He has not compensated the victim or been forgiven by the victim," explaining the reason for the sentencing.

jyseo@fnnews.com Seo Ji-yoon Reporter